Bitcoin ETF inflows highest in a month as Bitcoin hovers near $63K

United States-based spot Bitcoin exchange-traded funds (ETFs) recorded significant daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive flows.

Spot Bitcoin ( BTC ) ETFs in the U.S.  were approved on Jan. 10 and started trading a day later. In the first couple of months, major ETF issuers had some of the biggest inflows and trading volumes, with the exception of the Grayscale Bitcoin Trust (GBTC), which has seen zero inflows or significant outflows since its conversion to an ETF.

Bitcoin ETFs record fifth consecutive day of inflows

The $129.45 million of inflows on July 1 is also the highest figure since June 7. As inflows turned positive, the BTC price reclaimed $63,000 after nearly three weeks of struggling to overcome the key resistance level of $62,000.

Data from the crypto research platform SoSo Value shows  that Fidelity’s Wise Origin Bitcoin Fund registered the highest inflow, with1,030 BTC worth $65 million, followed by the Bitwise Bitcoin ETF, with 650 BTC worth $41 million.

The ARK 21Shares Bitcoin ETF had inflows of 205 BTC worth $13 million, with BlackRock’s iShares Bitcoin Trust and GBTC — the two largest spot Bitcoin ETFs by net asset value — seeing zero flows on Monday, June 1.

Related: Fidelity exec says most investors should have some Bitcoin allocation

July 1 marked the fifth consecutive day of net inflows for spot BTC ETFs after nearly seven days of outflows in the last week of June.

July is historically bullish for BTC

June was a bearish month for Bitcoin ETFs and the BTC price. Spot Bitcoin ETFs recorded nine days of outflows and 10 days of inflows in the month, with the value of outflows significantly higher than that of inflows.

The latest spot BTC ETF bullish rally coincided with Monday’s BTC price surge, which saw the price hit a new weekly high of $63,778.

However, Bitcoin dipped below $63,000 again in the early hours of June 2, trading at $62,558 at the time of writing. Although BTC’s price has recovered from its weekly low below $60,000, it is still down over 15% from its all-time high of $73,750 in March

July has historically been a bullish month for Bitcoin, and with spot Ether ( ETH ) ETF approvals likely just around the corner, the crypto market could see another bullish rally in the coming weeks.

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